European bank to finance new renewable energy project in Kazakhstan

Staff Report

ASTANA -- The London-based European Bank for Reconstruction and Development (EBRD) "is financing the 50MW Burnoye Solar-2 project in Kazakhstan in partnership with the multilateral Clean Technology Fund (CTF)", the EBRD said in a statement Monday (June 12).

Burnoye Solar-2, in Zhambyl Province, comes on the heels of Burnoye Solar-1, the "first utility-scale renewable energy project in Kazakhstan" under new legislation that enabled private investment in the sector, according to the EBRD. They will be situated in the same future solar park.

The Burnoye plants are part of a $200 million (63 billion KZT) EBRD renewable energy financing plan for Kazakhstan. The Burnoye solar park is expected to neutralise "carbon emissions from 30MW of domestic coal-fired power plants".

The EBRD and CTF are combining for $54.5 million (17.2 billion KZT) in loans to finance the solar park, with the owners of the park paying the rest of the construction cost.

The expected date of completion of Burnoye Solar-2 was not reported.

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